12月11日，港股三大指数悉数飘绿，自带"科技+红利"哑铃策略的——香港大盘30ETF（520560）逆市 飘红，彰显韧性。成份股方面，百胜中国领涨超1%，美团、招商银行、中国平安、小米集团、泡泡玛 特、百济神州等个股飘红。 数据显示，香港大盘30ETF（520560）近5日连续吸金，合计金额3886万元，拉长时间来看，近20日累 计吸金7518万元，反映资金看好港股后市表现，积极运用哑铃策略进行布局！ 招商证券表示，AI科技赛道长期产业趋势还在，从生产率的提升、应用范围的扩大都可以看出AI技术 仍蕴含潜能，短期市场波动并不影响实体产业的投资价值。已在业绩表现上开始兑现其AI投资回报的 企业，或将成为港股科技调整后，更具投资价值的标的。 港股红利方面，六家国有大行全部披露A股2025年中期分红发放日期，经统计，国有大行合计拟 派发2025年中期分红2046.57亿元。业内人士表示，2025年银行中期分红呈现"数量增、节奏快、 力度稳"的显著特征。 国信证券指出，2025年国有行中期分红进度早于去年，银行中期分红抢筹行情或有所提前。银河证券表 示，整体来看，拟实施中期分红的银行数量增加，多数银行分红率保持稳定， ...

连续两天大跌之后，今日（12月10日）多个板块强势反弹，港股市场终于迎来喘息机会。 截至收盘，恒生指数报收于25540.78点，上涨106.55点，涨幅0.42%。 | ■ * * * ■ · ■ / : 恒生指数 (HSI) | 分时 5日 = 5分 15分 30分 60分 图K 周K 月K 年K · | 悟生画数 向候 = | T 105.58 | 0000 | 25540.78 | . | | | --- | --- | --- | --- | --- | --- | --- | --- | | *-27381.84 | 行情报价 | 25435.08 | 成交量 | 159亿 最高 | 25540.78 今月 | | | | 25434.23 | 27000.0 | 成交相 | 1934亿 最低 | 25257.61 南省 | 其他用语 | | | | 名称 | 日新 | 鬼体 | 與元指數 | -0.13% | 09,11 | 26500.0 | | | 47560.29 | -0.38% | 通收斯 | 肿筋达克 | 23576.49 | +0.53% | | | | 标管500 | . 6840 ...

Market Overview - The Hong Kong stock market saw a rebound in the afternoon, with the Hang Seng Index and the Hang Seng China Enterprises Index rising by 0.42% and 0.2% respectively, ending a two-day decline [1] - The Hang Seng Tech Index increased by 0.48%, indicating a recovery in market sentiment [1] Stock Performance - Major technology stocks mostly rose, with Horizon Robotics up over 3% and Meituan up over 2% [4] - Vanke Enterprises led the surge in property stocks, rising over 13%, while other property stocks like Sunac China and China Jinmao also saw significant gains [7][8] - Gold stocks performed strongly, with Lingbao Gold up over 9% and several others rising more than 7% [6] - Pork stocks were among the top gainers, with WH Group up over 10% and Huisheng International up over 9% [9] Sector Analysis - The afternoon saw a broad rally in heavyweight technology stocks, contributing to the market's rebound [2] - Consumer electronics stocks declined, with major player Semtech down over 7% [2] - Shipping stocks experienced significant declines, with Pacific Basin Shipping down over 6% [13] - Oil stocks continued to fall, with PetroChina and Sinopec both dropping over 1% [16] New Listings - Two new stocks were listed today, with Baoji Pharmaceutical-B surging 138.82% on its debut and Tudatong rising 33% [2] Future Outlook - According to research from交银国际, the global economy is expected to show resilience in 2025, with ongoing AI technology cycles and supportive monetary policies [22] - The report suggests that the Hong Kong stock market will continue to see earnings growth, with a reasonable valuation and improving liquidity conditions [22]

12月10日，港股低开低走，午后震荡回升集体翻红，截止收盘，恒生指数上涨0.42%报25540.78点，恒 生科技指数上涨0.48%报5581.10点，国企指数涨0.20%报8954.69点。 龙湖集团(00960.HK)：前11个月实现总合同销售金额593.9亿元。 旭辉控股集团(00884.HK)：前11个月累计合同销售金额约151.0亿元。 中国人寿(02628.HK)：截至2025年11月30日，公司总保费超过人民币7000亿元。 柠萌影视(09857.HK)：拟根据购回授权购回股份，不超已发行股份的10%。 盘面上，科网股涨多跌少，美团涨超2%，百度、阿里巴巴、小米涨超1%，哔哩哔哩跌超1%；贵金属股 强势，灵宝黄金涨超9%，潼关黄金、中国白银涨超7%；内房股走高，万科企业一马当先，大幅收涨超 13%，融创中国、中国金茂涨超8%，世茂集团、雅居乐集团涨幅明显；消费电子概念股走低，权重思 摩尔国际跌超7%刷新阶段新低；海运股大幅下跌，太平洋航运跌幅最大，光伏股、影视娱乐股、石油 股、航空股、中资券商股大部分表现低迷。石药集团、李宁涨超3%，东方海外国际跌5.9%，招商银行 跌超3%。今日两只新股上市， ...

具体来看： 盘面上，午后权重科技股多数拉升转涨助力大市反弹；受市场利好传闻影响，内房股午后直线拉升上扬，万科企业一马当先，大幅收涨超13%；美联储决议 前贵金属强势，白银大涨创历史新高，黄金等有色金属股全天活跃；重型机械股、餐饮股、家电股、煤炭股多数上涨。另一方面，消费电子概念股走低，权 重思摩尔国际跌超7%刷新阶段新低，海运股大幅下跌，光伏股、石油股、航空股大部分表现低迷。此外，今日两只新股上市，宝济药业-B首日上市涨 138.82%，图达通首日上市涨33%。 | 行业热门窗 × | 英流收开 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 汽车 | 地产发展商 +0.63% | 黄金及贵金属 +2.28% | 服装 +0.12% | 画示 | | | 银行 -0.25% | 线上零售商 +1.32% | 电讯服务 -0.61% | -0.21% | | | | | | | | | | | | 证券及经纪 | 其他金融 | 非酒精饮料 -0.36% | | | | | | 能源储存装置 | 生 ...

Core Viewpoint - The report from CMB International indicates that global economic resilience in 2025 is expected to exceed initial forecasts, with the AI technology cycle continuing and policies remaining consistent [1] Economic Outlook - The groundwork laid in 2025 is anticipated to facilitate advancements in 2026, supported by ongoing monetary policy easing, proactive fiscal measures, and strategic industrial policies [1] - The external environment is expected to return to order, enhancing certainty and increasing risk appetite, leading to a shift in asset allocation logic towards a balanced approach [1] Hong Kong Stock Market - CMB International projects promising earnings for Hong Kong stocks, with a continuation of a slow bull market [1] - Valuations are deemed reasonable, offering significant cost-effectiveness; the liquidity environment is improving with inflows from southbound and overseas funds [1] - Structural highlights of the Chinese economy include advancements in AI technology, a reduction in excessive competition, and a recovery in domestic demand, which are expected to start reflecting in earnings [1]

智通财经APP获悉，交银国际发布研报称，2025年全球经济韧性普遍超出年初预期，AI科技周期未完待 续，政策保持连贯性。展望2026年，全球经济宏观环境向有序回归，经济增长一定程度上具韧性，利率 或维持限制性水平。在增长韧性、通胀、利率均偏高的环境下，资产配置的核心逻辑向攻守平衡转换。 美债方面，利率中枢"易升难降"格局难改，关注重点仍是长端利率因通胀、财政、政策不确定性而承 压，收益率曲线或趋陡峭化。 交银国际主要观点如下： 港股盈利可期，"慢牛"延续。估值处于合理区间，性价比突出;流动性环境持续改善，南向资金和海外 资金回流;中国经济的结构性亮点(AI 科技、反内卷、内需修复)预计将开始在盈利层面兑现。 美股方面，"泡沫"短期难证伪，风格待转换。科技巨头受益于AI革命和资本支出扩张的科技龙头企 业，凭借强劲的盈利增长和技术壁垒，仍具备估值支撑，但需警惕投资放缓和信贷风险;此外，美股大 小盘分化有望收窄，小盘股和周期股或将迎来补涨机会。 ...

Group 1 - The core viewpoint of the article highlights the strong performance of silver in the market, with significant price increases and a stable premium for silver LOF, indicating ongoing arbitrage opportunities [1][3][10] - The recent announcement by former President Trump allowing NVIDIA to sell AI chips to China is seen as a positive development for the domestic AI industry, potentially boosting market sentiment [6][11] - The upcoming Federal Reserve meeting is a focal point for market participants, with expectations leaning towards a hawkish rate cut, which could influence market dynamics [7][8][9] Group 2 - The article discusses the current high premium of silver LOF, which has remained around 10%, providing consistent arbitrage opportunities for investors [3][10] - The demand for silver is driven by both its safe-haven appeal amid market uncertainties and its industrial applications, particularly in the context of the growing AI and renewable energy sectors [11][12] - The article suggests that if the U.S. stock market experiences a pullback post-Fed meeting, it may present a better entry point for silver LOF investments [12] Group 3 - The article outlines four key factors influencing the Hong Kong stock market, including expectations from the Central Economic Work Conference and the valuation advantages of the Hang Seng Tech Index [19][20][22] - The potential risk of a Bank of Japan interest rate hike is highlighted as a factor that could impact the Hong Kong market, particularly through carry trade dynamics [23] - The article emphasizes the importance of long-term investment strategies in the Hong Kong market, suggesting a diversified approach through ETFs [24] Group 4 - The U.S. stock market is experiencing a "Christmas rally" with technology stocks leading the gains, despite mixed economic signals [25][26] - The article notes that market volatility is expected to increase around the Fed's interest rate decision, with potential implications for both hawkish and dovish outcomes [27][28] - Long-term trends in the U.S. market remain positive, driven by supportive policies and the ongoing growth of the technology sector [29][30]

Group 1 - The macroeconomic environment in 2025 shows resilience in external demand while internal demand remains volatile, leading to uncertainty in demand prospects [6][7]. - From January to September 2025, China's export growth maintained a strong resilience with a cumulative year-on-year growth rate of 6.1%, driven by high-value-added products like electromechanical products [6][7]. - A-share core entities' foreign income maintained high growth, with a year-on-year increase of 11.4% in H1 2025, while domestic income saw a reduced decline of -0.1% [12][13]. Group 2 - The TMT and manufacturing sectors are experiencing a recovery in both internal and external demand, with significant support from AI-related applications and domestic supply-demand policies [21][22]. - The TMT sector benefits from strong growth in overseas demand, particularly in the communication and semiconductor industries, with communication equipment's foreign income growing by 33.3% in H1 2025 [27][28]. - The manufacturing sector, particularly in power equipment and defense industries, shows improved domestic income growth, indicating a positive trend supported by policy measures [12][19]. Group 3 - The majority of TMT and manufacturing industries have a high proportion of foreign income, generally exceeding 10%, indicating a reliance on synchronized internal and external demand [18][20]. - The gross profit margins for most TMT and manufacturing sectors are significantly higher for foreign operations compared to domestic ones, with differences often exceeding 10 percentage points [32][33]. - Future opportunities are anticipated in technology manufacturing and domestic market construction, particularly in AI technology and equipment manufacturing, which are expected to benefit from supportive policies [19][21].

Core Viewpoint - The Hong Kong stock market has experienced significant declines, with the Hang Seng Index and Hang Seng Tech Index dropping over 1% and 2% respectively, leading to a widespread sell-off in Hang Seng bull certificates [1][3]. Market Performance - On December 9, the Hang Seng Index fell by more than 1%, while the Hang Seng Tech Index saw a decline exceeding 2% [3]. - A variety of Hang Seng bull certificates suffered drastic losses, with some, like the Hang Seng Bank 80 Bull V, dropping over 74% [1][4]. Market Influences - The recent weakness in the Hong Kong stock market is attributed to external factors, particularly the ongoing decline in the global bond market and expectations of a hawkish stance from the Federal Reserve regarding interest rates [1][6]. - The average daily trading volume in the Hong Kong market has decreased to approximately HKD 195.1 billion, down 15.4% from HKD 230.7 billion in November, indicating potential liquidity issues [5]. Sector Performance - New consumption concept stocks in the Hong Kong market have collectively declined, with notable drops in companies like Pop Mart and Blukoo, which fell over 4% [4]. - Semiconductor stocks also faced declines, with Tianyu Semiconductor dropping nearly 5% and other major players like Huahong Semiconductor and SMIC following suit [4]. Future Outlook - Despite the current declines, some analysts believe that the valuation of Hong Kong stocks may be attractive, but a rebound is not expected in the short term [8]. - The market is closely watching the upcoming Federal Reserve meeting and the potential interest rate decisions from the Bank of Japan, which could further influence market dynamics [9].